Excel announces fourth-quarter dividend & acquisition of new shopping center.SAN DIEGO--(BUSINESS WIRE)--Dec. 5, 1994--Excel Realty Trust Inc. (NYSE NYSE See: New York Stock Exchange :XEL XEL New Carlisle, Quebec, Canada - New Carlisle / via Rail Service (Airport Code) ) Monday announced that its board of directors declared a fourth-quarter dividend of 43 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on its common stock for shareholders of record on Dec. 31, 1994. The dividend will be payable on Jan. 13, 1994. The company also announced the acquisition of a newly constructed community shopping center located in Kannapolis, N.C., for a purchase price of approximately $2.9 million at a capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of 10.8 percent. This transaction added approximately $311,750 in net operating income. The new shopping center is 95 percent occupied, with 83 percent of the gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. occupied by Food Lion and Revco. This center is the 19th property purchased this year by the company. Excel Realty Trust currently owns and manages a total of 111 properties which are either neighborhood and regional shopping centers, anchored by major retail tenants or single-tenant properties leased to major retail tenants. CONTACT: Excel Realty Trust Inc., San Diego Graham R. Bullick, 619/485-9400, ext. 203 |
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